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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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April 2 years ago me and 2 others took over a company and

Resolved Question:

Hi
April 2 years ago me and 2 others took over a company and had a 33% share split. Last year the 2 other guys decided to leave the business and agreed a buyout fee which was to be paid monthly. I have been paying the agreed amount every month since December last year. The guys are still yet to sign the paperwork confirming the agreement, however the agreement was made in front of our accountant and the paperwork was handed to us all. Now the other 2 want to come back to the company as 33% shareholders but i don't want them back.
My question is where do i stand legally? do i have a choice and can i say no seeing how there is an agreement in place?
Submitted: 10 months ago.
Category: Law
Expert:  Ash replied 10 months ago.

Hello my name is ***** ***** I will help you.

Why wasn't anything signed or in writing please?

Do you not have emails or anything confirming the agreement?

Customer: replied 10 months ago.
The agreement is in writing but they kept delaying signing for reasons i dont know.
Expert:  Ash replied 10 months ago.

but they agreed by email to the deal?

Customer: replied 10 months ago.
No only verbally agreed in front of our accountant
Expert:  Ash replied 10 months ago.

Ok. Agreements can either be in writing or verbal.

Here you have a verbal agreement followed by actions of payment - this indicates a contract.

Therefore even if nothing was in writing you have paid monthly and therefore this indicates the verbal contract, otherwise why wish you pay?

Therefore you don't have to let them back - you have a verbal contract and payments made.

In any event your accountant can confirm it was agreed - they have no right to come back.

Can I clairfy anything for you about this today please?

Alex

Customer: replied 10 months ago.
Perfect thank you very much
Expert:  Ash replied 10 months ago.

If I could invite you to rate my answer before you go today please, otherwise the site does not credit me for the time spent with you today. Thanks and good luck. Alex

Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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